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Bitcoin topped $ 47,500 on Friday, with the top 20 cryptocurrencies almost all in the green, as El Salvador said it mined its first bitcoin using volcanic energy, while the chairman of the Reserve Federal government, Jerome Powell, said Thursday he had “no intention” to ban cryptocurrencies.
Bitcoin BTCUSD,
has risen 10% in the past 24 hours, recently trading at $ 47,572. Ether ETHUSD,
has gained 9.2% in the last 24 hours, recently trading at $ 3,250. Cardano ADAUSD,
and Binance Coin, the third and fourth largest cryptocurrencies by market cap, rose 7.5% and 11% respectively in the past 24 hours.
On Thursday midnight, President of El Salvador Nayib Bukele tweeted that “We are still testing and installing, but this is officially the first #Bitcoin mining from #volcanode volcano.” The country adopted bitcoin as legal tender in September.
Part of the bitcoin rally could result from investors “buying the ban from China,” analysts said. On September 24, China stepped up its crackdown on cryptocurrency trading and exploitation, causing the cryptocurrency market to crash.
According to the chain’s data, many investors took the opportunity to accumulate, crypto-data analysis firm IntoTheBlock wrote in its Friday notes.
“The number of addresses holding one or more Bitcoin hit a four-month high, accelerating in the days following China’s ban,” IntoTheBlock wrote.
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